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by Stockwatch Business Reporter

West Texas Intermediate crude for December delivery tumbled $7.97 to $88.12, while Brent for January lost $8.98 to $94.62, both benchmarks reaching their lowest levels since August (all figures in this para U.S.). Western Canadian Select traded at a discount of $32.00 to WTI, up from a discount of $33.50. Natural gas for December added six cents to $2.95. The TSX energy index shed 29.15 points to close at 440.86.

Oil prices plunged as the Democratic sweep of the U.S. midterms fuelled hopes of a return to more predictable foreign and trade policies, and potentially a quick settlement to the U.S.-Iran war. Democrats are on track to take control of both the House of Representatives and the Senate. The crushing defeat for Republican candidates is widely seen as a rebuke of U.S. President Donald Trump's handling of the economy and the conflict in the Middle East. Here in Canada, though TSX energy stocks fell with oil prices, shareholders had some consolation in the windfall profits reported by many large producers as the third reporting season rolled on.

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